Hey, it's great that you're looking to upgrade the tank size so you can keep the fish you have healthy

Yes, it sounds like a 30-40 gallon will be big enough to house your pleco as an adult, you'll want to upgrade pretty soon as they grow quite fast, and you want them to be in the larger tank before their growth is stunted.
Having more water volume will definitely help you keep water parameters more stable, just be the nature of dilution. A small tank with a heavy bioload, like a ten gallon with a pleco - gets toxic much faster than a 30-40 gallon would. The live plants will also help. But the main way we reduce nitrates in a tank is through water changes. Up the water changes to twice a week, and you should see a big improvement until you upgrade to a larger tank. Then once a week to maintain should be enough
Some more info about the nitrogen cycle, it's important to understand what cycling is in order to understand how to manage ammonia, nitrites and nitrates, found this video very helpful for explaining the nitrogen cycle clearly:
And more info about your species of pleco (thank you for the ID,
@Bub !)
Oh, and you need to get some driftwood for the tank as soon as you can, even a small piece will do. Plecos need to be able to rasp on some driftwood to help their digestion, so that's an essential even before upgrading the tank.
Not difficult to maintain under the correct conditions; we strongly recommend keeping it in a tank designed to simulate a flowing stream with a substrate of variably-sized rocks, sand, fine gravel, and some water-worn boulders. This can be further furnished with driftwood branches, terracotta...
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